India's gold futures fell for a fourth straight day on Tuesday tracking global trends, but a weaker rupee limited some losses, analysts said.
"It is the strength in dollar that is putting pressure on gold," said Gnanasekar Thiagarajan, director at Mumbai-based Commtrendz Research. Overseas gold extended losses early on Tuesday, slipping half a percent following Monday's drop of nearly two percent on dollar weakness and worries about physical demand from India, the world's largest gold consumer. See [ID:nSP415731]
The benchmark February gold MAUG9 traded down 92 rupees at 13,237 rupees per 10 grams, after falling more than 3 percent in the last three sessions. Selling is recommended at 13,325 rupees, with a target of 13,085 and with a stop loss of 13,388 rupees, Thiagarajan added.
Open interest for Feb gold on MCX was at 14,932 lots, up from 14,721 a day earlier. Volume on Monday was 60.08 kgs.
